Current through August, 2024
Department of Taxes
Division of Property Valuation & Review
These rules are prepared pursuant to the authority granted
to the Division of Property Valuation and Review by 32 V.S.A., Sections 3211(3)
and
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as amended by Act # 264 of the 1985 Vermont General Assembly
(adjourned).
PURPOSE
The Contract Appraisal Certification review procedure is
designed to establish minimum professional standards for certification and
operational responsibilities for individuals and firms proposing to conduct
publically financed property tax appraisal projects in Vermont.
Rule No.1 Definitions
(1) "Appraisal" means an evaluation by a
disinterested contractor of any of the real, personal, commercial, industrial
and utility property within a taxing jurisdiction employing the three accepted
indices of ad valorem assessment - cost, income and market - for the
determination of value and related official documents.
(2) "Division" means the Division of Property
Valuation & Review of the Vermont Department of Taxes.
(3) "Appraisal Firm" means a person,
partnership, company or corporation intending to appraise property for tax
purposes in Vermont.
Rule
No.2 Certification: Firms
(1) Any
appraisal firm wishing to perform property appraisals for any Vermont city or
town shall obtain certification from the Division prior to submitting a
proposal to undertake such projects. A written request shall be submitted to
the Division accompanied by a description of the type of appraisals completed
(residential, industrial, commercial, farm, personal property, etc.), the
approximate number of such appraisals completed, a listing of any projects
performed in the past four years, and other information substantiating the
qualifications of each firm as may be requested by the Division including a
list of its officers, partners or principals.
(2) A firm certified under this rule is
required to perform appraisals using individuals meeting the qualifications
criteria established for "Project Supervisor" under Rule # 3 and "Appraiser"
under Rule 4.
(3) A firm certified
under this rule may employ Appraiser-Trainees as established under Rule # 5 who
may gather data on land and buildings, assist in the computation of base values
of properties and participate in grievance proceedings to the extent of work
performed but who will not be responsible for analyses incidental to the
preparation of land and sales schedules, or attest to value before any
grievance hearing.
Rule
No.3 Certification: Project Supervisor
a. Scope of Responsibility:
1. The Project Supervisor shall: Exercise
general supervision over an appraisal revaluation project in concert with the
duly authorized or elected assessor or board of listers and conduct sales
surveys and establish base values for land and buildings. He/she shall conduct,
or at the discretion of the board of listers, or the assessor, participate in
the grievance proceedings following the posting of notifications of change of
appraisals. He/she shall be responsible for the quality of work and the
deportment of all personnel employed for the project.
b. Minimum qualifications:
1. Persons seeking this designation shall
have successfully completed the International Association of Assessing
Officials (IAAO); the American Institute of Real Estate Appraisers (AIREA) or
the Society of Real Estate Appraisers (SREA) courses I and II or their
equivalents.
Successful completion of State of Vermont Courses I, II and
III, (cost, income and market indices to value) may be substituted for a
portion of the national standards, as may professional designation by one of
the aforementioned organizations or comparable certification in another
state.
2. Three years
experience as a real estate appraiser with at least two years of demonstrated
responsibility in appraisal as defined in Rule # 1 and at least one year
experience with an appraiser who has satisfactorily completed one or more
town-wide reappraisals in the State of Vermont.
Rule No.4 Certification: Appraiser
a. Minimum qualifications:
1. Successful completion of IAAO, AIREA or
SREA course I or its equivalent or successful completion of State of Vermont
courses I and II.
2. One year
experience with an appraisal firm which has satisfactorily completed at least
one town-wide reappraisal in Vermont.
b. Scope of Responsibilities:
The Appraiser may function within the following areas:
Assisting the project supervisor in the preparation of sales data and land and
depreciation schedules. At the discretion of the contracting town or city
he/she may participate in or substitute for the Supervisor during the review
process or at grievance hearings.
Rule No.5 Appraiser-Trainee
a. Minimum qualifications:
1. A high school education, or its
equivalent.
2. Knowledge of basic
mathematical concepts; ability to learn Vermont appraisal manual methods; to
read and understand property descriptions, title abstracts and property
transfer documents; the ability to communicate effectively, orally and in
writing, and to document work.
Rule No.6 Renewal of Certification
Certification shall expire after five years but may be
renewed provided that during the intervening period the project supervisor or
appraiser petitioning for renewal successfully completes at least eight hours
of instruction offered by one of the professional organizations stipulated in
Rules # 3 and # 4.
Rule
No.7 Assignments
With the approval of the governing body of the community or
its assessor or board of listers, the appraisal firm or town may, for the
purposes of undertaking specialized valuations, engage the services of a
subcontractor provided the individual meets the minimum requirements for
"Appraiser" stipulated in Rule # 4. Statutory Authority: 32 V.S.A §§
3211(3) and
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